In a significant development following the military operation that ousted Venezuelan President Nicolás Maduro, former U.S. President Donald Trump has articulated an ambitious vision for American petroleum companies to rapidly revitalize Venezuela’s oil industry within an 18-month timeframe. Trump revealed in an exclusive NBC News interview that substantial investments would be required from energy corporations, suggesting they would eventually be reimbursed either through direct government compensation or future revenue streams.
The announcement comes amid reported planning meetings between major U.S. petroleum representatives and Trump administration officials this week. Trump emphasized the strategic importance of Venezuelan oil production for American interests, stating that “Having a Venezuela that’s an oil producer is good for the United States because it keeps the price of oil down.”
However, energy analysts express skepticism regarding Trump’s accelerated timeline, previously telling BBC that restoring Venezuela’s oil infrastructure could require tens of billions of dollars and potentially a decade-long effort. Venezuela possesses the world’s largest proven oil reserves at approximately 303 million barrels, but current production represents only a fraction of this capacity due to decades of decline and underinvestment.
The complexity of Venezuelan oil operations presents additional challenges. The country’s heavy crude requires specialized refining capabilities, with Chevron standing as the sole U.S. company currently operating in Venezuela. When contacted for comment, Chevron spokesman Bill Turenne indicated the company remains “focused on the safety and wellbeing of our employees, as well as the integrity of our assets,” while operating in compliance with all relevant regulations.
The political context remains charged, with Trump and Vice President JD Vance asserting that Venezuela had previously “stolen American oil” through nationalization efforts. Historical records show Venezuela nationalized its oil industry in 1976, with increased state control over foreign-owned assets occurring in 2007 under President Hugo Chavez. A World Bank tribunal subsequently ordered Venezuela to pay $8.7 billion in compensation to ConocoPhillips for the 2007 actions, a debt that remains outstanding.
BBC Verify analysis suggests the characterization of oil “theft” oversimplifies the complex historical relationship between Venezuela and international oil companies, noting that the oil itself was never actually owned by anyone except Venezuela, with companies operating under licensing agreements.